The Nation (Nigeria)
FSDH Merchant Bank floats N23.6b commercial papers
FSDH Merchant Bank (FSDH MB ) Limited has launched three tranches of commercial papers to raise about N23.6 billion with yields ranging from 8.74 per cent to about 12.75 per cent.
FSDH MB, a subsidiary of FSDH Holding Company Limited, is offering Series 3, Series 4 and Series 5 of its commercial paper issuance, under its N40 billion commercial paper programme.
Under Series 3, FSDH MB is offering 116-day commercial paper with implied yield of 8.7360 per cent and discount yield of 8.5000 per cent.
Series 4 is a 188-day issuance with implied yield of 11.1003 per cent and discount yield of 10.5000 per cent.
The net proceeds of the issuances will be used to fund short-term working capital requirements and for general corporate purposes
Under Series 5; the wholesale bank is offering 270-day papers with implied yield of 12.7487 percent and discount yield of 11.6500 percent.
The maturity dates for the three issuances are Tuesday, November 16, 2021; Thursday, January 27, 2022 and Tuesday, April 19, 2022.
The bank is rated A by Agusto and A- by Global Credit Rating.